We know that ensuring your loved ones’ well-being and making sure that no one takes advantage of them or their hard-earned assets is important to you. We encourage you to learn more about the financial independence a Reverse Mortgage can provide, including—how they work and the safeguards that have been put in place to protect seniors. A good place to start is by ordering our free Guide to Reverse Mortgages.
Talking To a Parent or Loved One
Approaching a parent or loved one about their finances can be awkward or even difficult. Here are a few suggestions that can break the ice and make the conversation easier and more effective:
Be Positive, and Ready
Bring up the subject of their future needs when things are going well in your parents’ life, rather than at a time of stress or crisis. It’s best to take the time to discuss the topic as early as possible, so all details are in place before a crisis hits.
How many family members to involve in the conversations is up to you and your family. To avoid hard feelings it is good to let family members know the conversations are happening.
Allow your parents to make their own choices and resist the temptation to force decisions on critical issues unless their health or safety is at risk.
Ask, Know and Share
Before you offer your opinion, ask your parents what is important to them including—their goals, needs and concerns about their current and future situation. Share your own goals and experiences and be sure they know that you are there to help.
Know Their Health Status
Be aware of any health problems and whether you parents have the long-term means to manage daily healthcare needs. Are they able to pay for the medications they need? Do they need in-home care?
Know Their Home
Take notice of the condition of their home. Do they need important repairs? A new hot water heater or roof?—and safety issues or modifications (hand rails, ramps, etc.) that can be made to make their home more comfortable.
Research Community Resources
Look into community services specifically designed for seniors that may help make it possible for your parents to remain independent, such as local public transportation, meals on wheels, shopping services, or other home care services.
Compare Costs and Services
Check out the costs and benefits of remaining in the home with that of Assisted Living Centers or Continuing Care Retirement Communities. Many of these are viable alternatives to remaining in the home.
Offer information, such as our brochure that you can download here, in a casual way that lets them know you’re thinking of their well-being. You could also visit this website together, or use a search engine to seek the answers you need.
Be respectful of their opinions, even if you hear answers you weren’t expecting, or even don’t like. Talking about change can be met with negativity, even when it’s for the better. It’s difficult for anyone to ask for help from others. Stay positive and focused in the midst of emotions.
Seek Professional Advice
If you continue to have difficulty talking about their long and short-term finances, it’s not a bad idea to seek the advice of a neutral professional such as a financial planner.
If you decide a Reverse Mortgage is the right solution to help ensure your parent or loved one’s financial security, rest assured that a Reverse Mortgage Advisor will work with them every step of the way to answer any questions or concerns. We welcome and encourage you to participate in the process.
For more information, you can request a call from us by Simply clicking here.
Please note the Liberty Reverse Mortgage Reverse Mortgage program is for U.S. residents only and not available in all states.